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Germany's GDP contracts 0.1% in Q2 2024

02 Aug '24

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Germany's GDP contracts by 0.1% in Q2 2024

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Germany's GDP contracted by 0.1 per cent in Q2 2024 compared to Q1 2024, after adjustments for price, seasonal, and calendar variations, following a 0.2 per cent rise in Q1.
Annually, Q2 GDP rose by a price-adjusted 0.3 per cent compared to Q2 2023, but was 0.1 per cent lower after price and calendar adjustments due to an additional working day in Q2 2024.

Germany's gross domestic product (GDP) experienced a slight contraction of 0.1 per cent in the second quarter (Q2) of 2024 compared to the first quarter of 2024, following adjustments for price, seasonal, and calendar variations, according to the Federal Statistical Office (Destatis). This follows a modest increase of 0.2 per cent in the first quarter of 2024 compared with the fourth quarter of 2023.

On an annual basis, the GDP for the second quarter of 2024 was up by a price-adjusted 0.3 per cent compared to the same quarter in 2023. However, after price and calendar adjustments, GDP was 0.1 per cent lower than in the same period the previous year, primarily due to one additional working day in the second quarter of 2024.

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